RMLS: Median price up 2.5 percent

The November RMLS report is out. Median home price for new and existing homes was $285,000, up 2.5 percent from the $278,000 in November 2006. Inventory is still over 8 months, up from 5 months a year before. Days on the market also went in the wrong direction, up to 67 days from 51. Closed sales dropped nearly 20 percent from a year earlier.

All in all, it could be worse. Nationally, prices are down 4 percent. So values are holding but it's slowing.

I've got to run to a business team meeting, then our holiday lunch. More later ...

UPDATE: I talked with Jerry Johnson, the Portland housing economists that city and developers use, about the RMLS figures. Here's a few of his comments:

- He says the worse may be on its way still. "I'm not really sure we've found bottom," he said.

- Even so, Portland is still holding onto some of its big growth of 2006. "If we're holding, we're doing great," he said.

- Nationally, the Standard & Poor's/Case-Shiller index reported a 4.5 percent drop in home prices nationwide in the third quarter. Means Portland isn't bad even at just 2.5 percent growth.

- Johnson -- and other economists -- predict prices will be flat through all 2008.

Read more in tomorrow's paper. And clint8200, the RMLS report is linked on the blog above and here.

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source: oregonlive.com